Argentina to See Another Fuel Price Hike in First Week of 2017

Fuel prices in Argentina are set to rise again, with the representative of the fuel industry saying the cost for consumers will increase 8 percent in the first week of 2017.

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"The increase will be 8 percent, the question was whether it would be produced directly or in two stages, but apparently, it will be in one," said the secretary of the Chamber of Fuel Merchants, Raul Castellanos to Radio Miter.

The price of gasoline, which has increased considerably during Macri's first year, will be just one of the utility price increases in 2017. In 2016, the price of electricity, water, gas and transport increased by up to 400 percent as the Macri government moved to remove subsidies and regulations.

Castellanos said that this price increase was "agreed to in August, then postponed to November and now takes effect next week."

The price of gasoline is around 19 Argentinean pesos (US$1.23) per liter which would increase to 20 pesos (almost us$1.30), Castellanos explained.

In October, Macri approved a gas price hike from 300 to 500 percent and projected continued increases until 2019 despite constant mobilizations against the administration's neoliberal policies across the country.